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Thursday, Apr 25, 2024

About 2.4 million tax returns on the way as HK sees an $18.3 billion drop in tax revenue

About 2.4 million tax returns on the way as HK sees an $18.3 billion drop in tax revenue

The Inland Revenue Department (IRD) sent out about 2.4 million tax returns for individuals for 2022/23 on Tuesday and reminded taxpayers to file them on time by June 2.
The Commissioner of Inland Revenue Tam Tai-pang said as the Inland Revenue (Child Allowance and Tax Concessions) Bill 2023 passed by the Legislative Council, there would be a reduction of profits tax, salaries tax, and tax under personal assessment for 2022/23 by 100 percent, subject to a ceiling of HK$6,000 per case.

In addition, there would be an increase in the basic child allowance and the additional child allowance for each child born during the year of assessment under salary tax and tax under personal assessment, starting from the year 2023/24.

Tam said that taxpayers only need to complete the tax returns as usual and the tax reduction will be reflected in their assessments. The department will also apply the new level of child allowance in calculating the 2023/24 provisional salaries tax for taxpayers.

Tam added that the Inland Revenue (Tax Deductions for Domestic Rents) Bill 2022 had also been passed last year to provide for a tax deduction for domestic rent with effect in the 2022/23. Eligible taxpayers who wish to claim the deduction can complete Part 8 of their Tax Return - Individuals to provide information about the domestic rent they paid.

On revenue collection, Tam reported that HK$360.2 billion of tax revenue was collected by the department in the year 2022/23, seeing a decrease of 5 percent, or HK$18.3 billion, compared to last year's figure.

Stamp duty decreased the most in the composition of the tax revenue and was recorded at HK$69.9 billion, a 30 percent slash from last year's $99.7 billion.

As for profits tax and salaries tax, the revenue rose by 4 and 5 percent respectively.

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